Oklahoma Administrative Code
Title 85 - State Banking Department
Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code
Subchapter 11 - Substantive Guidelines and Restrictions
Section 85:10-11-12 - Letter of credit; contingent liabilities
Universal Citation: OK Admin Code 85:10-11-12
Current through Vol. 42, No. 1, September 16, 2024
In order that the books and records of a bank or trust company reflect its contingent liabilities, the bank or trust company shall properly maintain records on all letters of credit issued and outstanding showing the following information:
(1) Controlled registration numbering system;
(2) Name of the account party for whom the letter of credit is established;
(3) the name of the beneficiary;
(4) the amount; and
(5) the expiration date.
Amended at 25 Ok Reg 1064, eff 5-25-08
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